The following account balances at the beginning of January were selected from th
ID: 2395910 • Letter: T
Question
The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing? Company: Work in process inventory ?$0 Raw materials inventory $ 28 comma 200$28,200 Finished goods inventory $ 40 comma 000$40,000 Additional? data: 1. Actual manufacturing overhead for January amounted to $ 65 comma 500$65,500. 2. Total direct labor cost for January was $ 63 comma 400$63,400. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $ 252 comma 000$252,000 of direct labor cost and $ 327 comma 600$327,600 of manufacturing overhead costs. 4. The only job unfinished on January 31 was Job No.? 151, for which total direct labor charges were $ 5 comma 500$5,500 ?(1 comma 1001,100 direct labor? hours) and total direct material charges were $ 14 comma 400$14,400. 5. Cost of direct materials placed in production during January totaled $ 123 comma 700$123,700. There were no indirect material requisitions during January. 6. January 31 balance in raw materials inventory was $ 35 comma 200$35,200. 7. Finished goods inventory balance on January 31 was $ 35 comma 300$35,300. What is the cost of goods sold for? January? The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing? Company: Work in process inventory ?$0 Raw materials inventory $ 28 comma 200$28,200 Finished goods inventory $ 40 comma 000$40,000 Additional? data: 1. Actual manufacturing overhead for January amounted to $ 65 comma 500$65,500. 2. Total direct labor cost for January was $ 63 comma 400$63,400. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $ 252 comma 000$252,000 of direct labor cost and $ 327 comma 600$327,600 of manufacturing overhead costs. 4. The only job unfinished on January 31 was Job No.? 151, for which total direct labor charges were $ 5 comma 500$5,500 ?(1 comma 1001,100 direct labor? hours) and total direct material charges were $ 14 comma 400$14,400. 5. Cost of direct materials placed in production during January totaled $ 123 comma 700$123,700. There were no indirect material requisitions during January. 6. January 31 balance in raw materials inventory was $ 35 comma 200$35,200. 7. Finished goods inventory balance on January 31 was $ 35 comma 300$35,300. What is the cost of goods sold for? January? The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing? Company: Work in process inventory ?$0 Raw materials inventory $ 28 comma 200$28,200 Finished goods inventory $ 40 comma 000$40,000 Additional? data: 1. Actual manufacturing overhead for January amounted to $ 65 comma 500$65,500. 2. Total direct labor cost for January was $ 63 comma 400$63,400. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $ 252 comma 000$252,000 of direct labor cost and $ 327 comma 600$327,600 of manufacturing overhead costs. 4. The only job unfinished on January 31 was Job No.? 151, for which total direct labor charges were $ 5 comma 500$5,500 ?(1 comma 1001,100 direct labor? hours) and total direct material charges were $ 14 comma 400$14,400. 5. Cost of direct materials placed in production during January totaled $ 123 comma 700$123,700. There were no indirect material requisitions during January. 6. January 31 balance in raw materials inventory was $ 35 comma 200$35,200. 7. Finished goods inventory balance on January 31 was $ 35 comma 300$35,300. What is the cost of goods sold for? January? The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing? Company: Work in process inventory ?$0 Raw materials inventory $ 28 comma 200$28,200 Finished goods inventory $ 40 comma 000$40,000 Additional? data: 1. Actual manufacturing overhead for January amounted to $ 65 comma 500$65,500. 2. Total direct labor cost for January was $ 63 comma 400$63,400. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $ 252 comma 000$252,000 of direct labor cost and $ 327 comma 600$327,600 of manufacturing overhead costs. 4. The only job unfinished on January 31 was Job No.? 151, for which total direct labor charges were $ 5 comma 500$5,500 ?(1 comma 1001,100 direct labor? hours) and total direct material charges were $ 14 comma 400$14,400. 5. Cost of direct materials placed in production during January totaled $ 123 comma 700$123,700. There were no indirect material requisitions during January. 6. January 31 balance in raw materials inventory was $ 35 comma 200$35,200. 7. Finished goods inventory balance on January 31 was $ 35 comma 300$35,300. What is the cost of goods sold for? January? The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing? Company: Work in process inventory ?$0 Raw materials inventory $ 28 comma 200$28,200 Finished goods inventory $ 40 comma 000$40,000 Work in process inventory ?$0 Raw materials inventory $ 28 comma 200$28,200 Finished goods inventory $ 40 comma 000$40,000 Additional? data: 1. Actual manufacturing overhead for January amounted to $ 65 comma 500$65,500. $ 65 comma 500$65,500. 2. Total direct labor cost for January was $ 63 comma 400$63,400. $ 63 comma 400$63,400. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $ 252 comma 000$252,000 of direct labor cost and $ 327 comma 600$327,600 of manufacturing overhead costs. $ 252 comma 000$252,000 $ 327 comma 600$327,600 4. The only job unfinished on January 31 was Job No.? 151, for which total direct labor charges were $ 5 comma 500$5,500 ?(1 comma 1001,100 direct labor? hours) and total direct material charges were $ 14 comma 400$14,400. $ 5 comma 500$5,500 ?(1 comma 1001,100 $ 14 comma 400$14,400. 5. Cost of direct materials placed in production during January totaled $ 123 comma 700$123,700. There were no indirect material requisitions during January. $ 123 comma 700$123,700. 6. January 31 balance in raw materials inventory was $ 35 comma 200$35,200. $ 35 comma 200$35,200. 7. Finished goods inventory balance on January 31 was $ 35 comma 300$35,300. $ 35 comma 300$35,300. What is the cost of goods sold for? January?Explanation / Answer
Solution:
Ocean City Manufacturing? Company Schedule of cost of goods sold Particulars Details Amount Direct Material: Beginning material inventory $28,200.00 Cost of material purchased $130,700.00 Cost of material available $158,900.00 Less: Ending material inventory $35,200.00 Direct material used $123,700.00 Direct labor $63,400.00 Manufacturing overhead applied ($63,400*130%) $82,420.00 Total manufacturing cost for the year $269,520.00 Add: Beginning WIP $0.00 Total cost of work in process during the year $269,520.00 Less: Ending WIP ($14,400 + $5,500 + $5,500*130%) $27,050.00 Cost of goods manufactured $242,470.00 Add: Beginning finished goods inventory $40,000.00 Cost of goods available for sale $282,470.00 Less: Ending finished goods inventory $35,300.00 Unadjusted Cost of goods sold $247,170.00 Less Overapplied overhead ($82,420 - $65,500) $16,920.00 Adjusted cost of goods sold $230,250.00